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| 3/19/2010 |
NY Attorney General Takes Aim At Pension Padding
(New York, NY) -- New York Attorney General Andrew Cuomo is taking at aim at so-called "pension padding" practices. Cuomo says his office has now expanded his ongoing investigation into the state's pension system to address the alleged padding incidents. Cuomo is looking to crack down on public employees who monopolize overtime money or receive bonus payments in the final years of their careers in order to inflate their salaries and in turn boost their pensions. The Attorney General cites numerous examples of the practice including a police officer who inflated a 74-thousand dollar salary by raking in more than 125-thousand dollars in overtime in his final year. That meant his pension soared to more than 100-thousand dollars-per-year. Cuomo says in the last decade, pension payments have more than doubled. He says property taxes are among the highest in the nation in order to keep up. Cuomo's overall investigation of the state pension system has been ongoing for three years, resulting in several arrests as well as legislation passed to close loopholes. |
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